Kennedy Wilson, Hulic, Fuyo JV acquires 312-unit San Jose apartments for $176M
The One South Market acquisition is the firm's fifth venture with Hulic and first with Fuyo General Lease (USA).
At a glance
Kennedy Wilson and two Japanese partners have formed a joint venture to acquire One South Market, a 312-unit downtown San Jose apartment property, for $176 million, IREI reported.
The $176 million price equals roughly $564,000 per apartment before accounting for the 6,534 square feet of ground-floor retail, which IREI reports is fully leased.
The deal follows two Kennedy Wilson transactions PRED has covered this year: a $139 million Atlanta apartment venture with Shimizu announced Aug. 31, and a $175 million Washington, D.C. construction start in September.
Kennedy Wilson and two Japanese partners have formed a joint venture to acquire One South Market, a 312-unit downtown San Jose apartment property, for $176 million, IREI reported.
The other partners are Hulic Co. and Fuyo General Lease (USA) Inc. IREI reports this is Kennedy Wilson's fifth joint venture with Hulic and its first with Fuyo General Lease (USA).
The $176 million price equals roughly $564,000 per apartment before accounting for the 6,534 square feet of ground-floor retail, which IREI reports is fully leased.
Built in 2015, the property sits near San Pedro Square, close to Adobe and Zoom offices, Diridon Station, regional highways and San Jose Mineta International Airport. Kennedy Wilson cited downtown San Jose's employment base and proximity to Silicon Valley's technology sector as factors supporting the investment.
The deal follows two Kennedy Wilson transactions PRED has covered this year: a $139 million Atlanta apartment venture with Shimizu announced Aug. 31, and a $175 million Washington, D.C. construction start in September.
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